News Column

Panacea Biotec Plans Fund Raise

July 27, 2014



Health management firm @Panacea Limited is planning to raise INR 2,500 Mn by way of issue of securities, the company said in a filing with the exchange and will seek shareholders approval for the same.

The use of funds is not known.

Panacea is into research based pharmaceutical and health management involved in research, manufacturing and marketing of pharma formulations, vaccines and natural products.

It is still recovering from a ban imposed by the WHO and is solely dependent on vaccine sales, may have to find another partner to push its business.

In 2011, WHO had removed the company's diphtheria-pertussis-tetanus based combination of two vaccines and another hepatitis B vaccine from its pre-qualified list citing non-compliance of manufacturing sites.

The company had bought 76% stake in Umkal Hospital, Gurgaon, and was looking at tapping the PE route for the same. However as per reports the company is said to have put the hospital on block.

In August last year, Novartis had called of its JV with Panacea to develop and market paediatric vaccines as Novartis planned to go alone in this business.

Panacea has a market cap of INR 10,228 Mn and had recorded a turnover of INR 5,030 Mn for the last fiscal.

Recent activity in the space:

was planning to acquire around 25-30% stake in Mumbai-based Bharat Serums and Vaccines Limited for INR 5 to 6 Bn from existing investors.

Taparias, the owner of Mumbai based Famy Care Limited along with AIF Capital Limited was in talks to divest upto 75% stake in the company.

Anglo-Swedish drugmaker, AstraZeneca had acquired its partner Bristol-Myers Squibb in its diabetes alliance for a total value of $4.1 Bn


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: DealCurry (India)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters